As we’ve all witnessed in the media this past year, some homeowners can be very hardheaded when they falls into financial hardship and are facing foreclosure on their home. Typically they will resist offers to sell their home. But while noble, this can also be thoroughly disastrous.
That’s why I think it’s critical to point out to the such homeowner that selling their property may be in their best interests. And if I could make one basic, simple appeal it would be that foreclosure must be avoided at all costs. The reason is that with foreclosure proceedings there also comes a number of catastrophic hassles that normally cause irreparable harm to the homeowner.
For example, if your home is foreclosed your credit rating is going to be devastated for a full decade. Of course, you can also seek protection against the creditors by filing bankruptcy, but bankruptcy has become significantly more difficult to qualify for as laws for filing bankruptcy have become much stricter.
Also, the damage done to a your credit rating due to a bankruptcy would make borrowing money next to impossible. That’s why it is significantly better to sell your property outright on your own terms than it is to suffer the disaster of having your property foreclosed upon.